Hong Kong SAR, China: Beef Market 2024

Beef Market Size in Hong Kong SAR, China

The Hong Kong beef market declined rapidly to $X in 2021, which is down by -20.2% against the previous year. Over the period under review, consumption, however, continues to indicate a remarkable increase. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Beef Production in Hong Kong SAR, China

In value terms, beef production dropped dramatically to $X in 2021 estimated in export price. Overall, production recorded a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of 133%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

The average yield of beef (cattle meat) in Hong Kong SAR was estimated at X kg per head in 2021, approximately reflecting 2020. In general, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the yield increased by 0.4%. The beef yield peaked at X kg per head in 2012; however, from 2013 to 2021, the yield stood at a somewhat lower figure.

In 2021, the number of animals slaughtered for beef production in Hong Kong SAR totaled X heads, remaining relatively unchanged against the previous year's figure. In general, the number of producing animals, however, saw a mild slump. The most prominent rate of growth was recorded in 2019 with an increase of 4.4% against the previous year. The number of animals slaughtered for beef production peaked at X heads in 2013; however, from 2014 to 2021, producing animals remained at a lower figure.

Beef Exports

Exports from Hong Kong SAR, China

In 2021, approx. X tons of beef (cattle meat) were exported from Hong Kong SAR; rising by 79% compared with the year before. Overall, exports, however, continue to indicate a deep slump. The pace of growth appeared the most rapid in 2018 with an increase of 209% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, beef exports surged to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 141%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), Macao SAR (X tons) and Taiwan (Chinese) (X tons) were the main destinations of beef exports from Hong Kong SAR, with a combined 93% share of total exports. These countries were followed by South Korea and China, which together accounted for a further 7%.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +42.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Macao SAR ($X) remains the key foreign market for beef (cattle meat) exports from Hong Kong SAR, comprising 56% of total exports. The second position in the ranking was held by Vietnam ($X), with a 27% share of total exports. It was followed by Taiwan (Chinese), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Macao SAR stood at +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-5.1% per year) and Taiwan (Chinese) (+0.6% per year).

Export Prices by Country

In 2021, the average beef export price amounted to $X per ton, which is down by -16.5% against the previous year. In general, the export price, however, saw a strong expansion. The most prominent rate of growth was recorded in 2020 an increase of 55%. As a result, the export price reached the peak level of $X per ton, and then dropped dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Beef Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of beef (cattle meat) decreased by -21.4% to X tons, falling for the third year in a row after three years of growth. In general, total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -39.9% against 2018 indices. The pace of growth was the most pronounced in 2013 with an increase of 89% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, beef imports fell remarkably to $X in 2021. Overall, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -31.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 109% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Brazil (X tons) constituted the largest beef supplier to Hong Kong SAR, accounting for a 57% share of total imports. Moreover, beef imports from Brazil exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by India (X tons), with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.4% per year) and India (+32.0% per year).

In value terms, Brazil ($X), the United States ($X) and Australia ($X) constituted the largest beef suppliers to Hong Kong SAR, together comprising 74% of total imports. These countries were followed by India, Canada, Mexico and the UK, which together accounted for a further 12%.

Mexico, with a CAGR of +107.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average beef import price amounted to $X per ton, surging by 7.9% against the previous year. Over the last nine years, it increased at an average annual rate of +3.2%. The pace of growth was the most pronounced in 2020 an increase of 11% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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